Decision - General Fund Revenue Budget, Council Tax and Capital Strategy 2019/20

127.1      RESOLVED TO RECOMMEND:

(1)       The Administration’s proposed budget and Council Tax increase on the Brighton & Hove element of the council tax, comprising:

i)          A general Council Tax increase of 2.99%;

ii)        The council’s net General Fund budget requirement for 2019/20 of £203.583m;

iii)       The 2019/20 budget allocations to services as set out in the Budget book at Appendix 1 incorporating 2019/20 savings proposals contained in the 4 -Year Integrated Service & Financial Plans;

iv)       The reserves allocations as set out in paragraph 3.20 and table 3;

(2)       That Council notes the updated Medium Term Financial Strategy included in the Budget Book at Appendix 1.

(3)       That Council approves the Capital Strategy for 2019/20 at Appendix 2 comprising:

i)          The strategy for funding the investment in change and flexible use of capital receipts as set out in section 5;

ii)        The capital resources and proposed borrowing included at Annex 1;

iii)       The Capital Investment Programme for 2019/20 of £156.650m included within the Budget book at Appendix 1 and incorporating allocations to strategic funds.

(4)       That Council notes the Equalities Impact Assessments to cover all relevant budget options and their cumulative effect as set out in Appendices 6 and 7.

(5)       That Council further notes the budget decision is an indicative resourcing decision to be taken in the context of the explanation in the Legal Implications paragraph 13.3.

(6)       That Council approves the Treasury Management Strategy Statement as set out in Appendix 3 comprising:

i)          The Annual Investment Strategy

ii)        The Prudential and Treasury Indicators

iii)       The Minimum Revenue Provision policy

iv)       The authorised borrowing limit for the year commencing 1 April 2019 of £420m.

(7)       That Council notes that supplementary information needed to set the overall council tax will be provided for the budget setting Council meeting as listed in paragraph 8.3.

(8)       That Policy, Resources & Growth Committee agrees that Executive Director Finance & Resources be authorised to make any necessary technical, presentational or consequential amendments to this report before submission to full Council.